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Politics : Ask Michael Burke
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To: Mike M2 who wrote (51474)3/11/1999 4:21:00 PM
From: Chuzzlewit  Read Replies (3) of 132070
 
William, most economists have come to agree that the reason for the Great Depression was insufficient liquidity. That was a mistake that the Fed did not repeat in 1987, and that is a mistake the Fed has not repeated over past couple of years. When liquidity dries up during times of crisis, financial markets crash. And that, by the way, is not leverage.

Look at it this way: as the economy grows, (and I am talking about real, inflation-adjusted growth) additional money supply (not less) is required.

CTC
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